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Be the first with the news that moves the market- Universal Biosensors (UBI) is aiming to raise about $25 million to fund new product development, working capital, and manufacturing capability
- It will issue new shares at 77 cents each through an entitlement offer and a placement
- The entitlement offer will aim to raise $20 million and will offer eligible shareholders one new share for every 6.85 held
- The remaining $5 million will be raised through a placement
- Shares are trading flat today at 78.5 cents each
Medical diagnostics company, Universal Biosensors (UBI) is aiming to raise about $25 million to fund new product development, working capital, and manufacturing capability.
The funds will be sought through an entitlement offer and a placement.
The entitlement offer will aim to raise $20 million and will offer eligible shareholders one new share for every 6.85 held.
The new shares will be issued at a price of 77 cents each, representing a two per cent discount to the last closing price.
Under a top up facility, eligible shareholders may apply for up to an additional 100 per cent of their entitlement.
The remaining $5 million will be raised through a placement and will be offered on the same terms as the entitlement offer.
“We are at an exciting point in the company’s history, with extensive work completed to date in designing a unique pipeline of products, each with company changing addressable market opportunities,” Chief Executive Officer John Sharman said.
Shares were trading flat today at 78.5 cents each at market close.
